Third Quarter Highlights
- Record net sales $1.68 billion, up 20% sequentially and 24% year-on-year
- Record gross profit $325 million, record operating income $211 million
- Gross margin 19.3%, operating income margin 12.6%
- Record net income $181 million, record earnings per diluted share $0.74
- Record EBITDA $358 million
TEMPE, Ariz. — (BUSINESS WIRE) — October 25, 2021 — Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the third quarter ended September 30, 2021.
“We delivered an outstanding third quarter with record revenue of $1.68 billion, up $274 million from the second quarter, reflecting a 20% sequential increase. All of our end markets set new record revenue levels this quarter,” said Giel Rutten, Amkor’s president and chief executive officer. “The organization rapidly and efficiently scaled for substantial growth, including ramps of multiple new product introductions in Communications and Consumer.”
Results |
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Q3 2021 |
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Q2 2021 |
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Q3 2020 |
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($ in millions, except per share data) |
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Net sales |
|
$1,681 |
|
$1,407 |
|
$1,354 |
Gross margin |
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19.3% |
|
19.4% |
|
17.8% |
Operating income |
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$211 |
|
$155 |
|
$127 |
Operating income margin |
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12.6% |
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11.0% |
|
9.4% |
Net income attributable to Amkor |
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$181 |
|
$126 |
|
$92 |
Earnings per diluted share |
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$0.74 |
|
$0.51 |
|
$0.38 |
EBITDA (1) |
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$358 |
|
$295 |
|
$255 |
(1) EBITDA is a non-GAAP financial measure. The reconciliation to the most directly comparable GAAP financial measure is included below under “Selected Operating Data.” |
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“High utilization and excellent factory execution drove record profitability in the third quarter,” said Megan Faust, Amkor’s executive vice president and chief financial officer. “With gross profit of $325 million and operating income of $211 million, we posted EPS of $0.74, nearly double the prior year period.”
At September 30, 2021, total cash and short-term investments was $0.8 billion, and total debt was $1.0 billion.
The company paid a quarterly dividend of $0.04 per share, representing a dividend payment of $9.8 million in the aggregate, on September 30, 2021 to stockholders of record as of September 7, 2021. The declaration and payment of future dividends, as well as any record and payment dates, are subject to the approval of the Board of Directors.
Business Outlook
“We expect our momentum to continue in the fourth quarter, with 20% year-on-year revenue growth for both the quarter and the full year,” said Rutten. “We remain confident in our strong market position within the fastest growing semiconductor markets of 5G, Automotive, High Performance Computing and IoT.”
